A Will is one of the most important legal documents you can create. It ensures that your assets are distributed according to your wishes and that your loved ones are taken care of after your passing. Despite its importance, many Singaporeans overlook the need for a Will, assuming it is only for the wealthy or elderly. This article explores why everyone—regardless of age or financial status—should have a Will.
What is a Will?
A Will is a legally binding document that sets out how your assets, including money, property, and personal belongings, will be distributed upon your death. It also allows you to appoint a guardian for your minor children and specify other important instructions.
In Singapore, Wills are governed by the Wills Act (Cap. 352), which outlines the legal requirements for making a valid Will. According to the Act, a Will must be:
- Made by a person aged 21 or above (except for those in military service, who can make a Will at 18).
- Signed by the testator (the person making the Will) in the presence of two witnesses who are not beneficiaries.
Why You Need a Will
a. Ensures Your Assets Go to the Right People
- If you pass away without a Will, your estate will be distributed according to Singapore’s Intestate Succession Act (Cap. 146). This means that your assets may not go to the people you intended. For example, under the Act:
- If you are married with children, half your estate will go to your spouse, and half will be divided among your children.
- If you are unmarried with no children, your parents or siblings may inherit your estate instead of a close friend or partner you might have preferred.
b. Prevents Family Disputes
Without a clear legal document stating your wishes, disputes among family members can arise. A Will provides clarity and helps prevent legal battles over inheritance.
c. Allows You to Appoint Guardians for Your Children
If you have children under 21, a Will lets you appoint a legal guardian who will take care of them if you pass away. Without a Will, the Guardianship of Infants Act (Cap. 122) determines who will be responsible for your children, which may not align with your preferences.
d. Simplifies the Probate Process
When a person dies without a Will, their family must apply for Letters of Administration, which can be time-consuming and costly. Having a Will in place allows your executor (the person you appoint to carry out your wishes) to obtain a Grant of Probate, making asset distribution much smoother.
How to Create a Will in Singapore
Drafting a Will involves several key steps:
- List Your Assets: Include all your properties, bank accounts, investments, and personal belongings.
- Appoint an Executor: Choose a trusted individual or professional to manage your estate.
- Determine Beneficiaries: Specify who will inherit what.
- Appoint a Guardian (if necessary): If you have minor children, name a guardian.
- Sign the Will Properly: Ensure it is witnessed by two non-beneficiaries.
Updating Your Will
A Will should be reviewed and updated whenever major life events occur, such as marriage, divorce, childbirth, or acquiring significant assets. Under Singapore law, marriage revokes a Will, so a new one must be made afterward.
Conclusion
A Will is not just for the wealthy—it is a crucial document for anyone who wants to protect their family and ensure their assets are distributed according to their wishes. By making a Will, you take control of your estate and provide peace of mind to your loved ones.